India smart TV market is expanding 28%, and homegrown brands capture 24% share

India's smart TV shipments grew 28 percent (on-year) in 2022 and homegrown brands showed the fastest growth, with a market share of 24 percent in smart TV shipments. Smart TV contribution to overall TV shipments was over 90 percent, the highest ever, according to Counterpoint Research. More than 99 percent of the TVs are now being assembled locally, with some high-end TVs being imported. Xiaomi continued to lead India's smart TV market with an 11 percent share, followed by Samsung and LG.

"Consumers are preferring bigger screen sizes, especially 43-inch, due to which the smart TV shipments in this display size grew 29 percent YoY in 2022. This size has also started trickling down to the budget price range," said research analyst Akash Jatwala. Dolby integration is another most sought-after feature and is available in lower-price TVs too.

"On the operating system side, Google TV grew multifold and was available in 4 percent of the smart TVs shipped during the year," he added. OnePlus, Vu, and TCL were among the fastest-growing brands in the smart TV segment in 2022.

"Smart TV shipments in the Rs 20,000-Rs 30,000 price band grew 40 percent YoY to reach a 29 percent share. The average selling price (ASP) declined 8 percent YoY to around Rs 30,650," said senior research analyst Anshika Jain.

Non-smart TV shipments declined 24 percent YoY in 2022 and online channels increased their contribution to the total shipments to 33 percent during the year. MediaTek chips had around a three-fifths share of the total TV market during the year, the report said.